Gold prices edged up early on Monday asthe dollar eased a touch after last week's rally and investorswaited for more data on U.S. inflation amid expectations ofrising interest rates.

FUNDAMENTALS * Spot gold was up 0.3 percent at $1,320.19 an ounce,as of 0111 GMT. Prices touched their lowest since Jan. 4 at$1,306.81 last week * Spot gold fell 1.2 percent last week, recording its secondstraight weekly loss. * U.S. gold futures were up 0.5 percent at $1,321.70per ounce on Monday. * Asian share markets were struggling to find their footingon Monday as investors fretted about the risks from looming U.S.inflation data, although early gains on S&P futures offered asliver of support. * The benchmark S&P 500 fell 5.2 percent last week,its biggest decline since January 2016. Ninety-six S&P 500stocks were down 20 percent or more from their own one-yearhighs, according to Thomson Reuters data. * Investors will be watching for U.S. consumer price data onWednesday given it was fears of faster inflation, and thus moreaggressive rate rises, that triggered the global rout in thefirst place. * Inflation worries generally boost gold, which is seen as asafe haven against rising prices. But expectations that the Fedwill raise interest rates to fight inflation make gold lessattractive because it does not pay interest. * Last week, the dollar recorded its strongest week againstthe currency basket in nearly 15 months as some traders closedout dollar-bearish bets, while others favoured the dollar in asafe-haven move to exit over higher-returning but riskiercurrencies. * The dollar index , which measures the greenbackagainst a basket of currencies, eased 0.2 percent to 90.291 after gaining 1.4 percent last week. * Hedge funds and money managers slashed their net longposition in COMEX gold for the first time in eight weeks in theweek to Feb. 6, and cut it in silver, U.S. Commodity FuturesTrading Commission data showed on Friday. * Holdings of SPDR Gold Trust GLD, the world's largestgold-backed exchange-traded fund, fell 0.68 percent to 820.71tonnes on Friday from 826.31 tonnes on Thursday. * Physical gold demand in Asia picked up towards the end ofthe week, as a pullback in prices spurred purchases ahead of theLunar New Year in China and the wedding season in India. Source – Reuters

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